This was the directive from Le Manh Hung, Chairman of the Board of Directors of Vietnam Oil and Gas Group (Petrovietnam), during a working session of the Petrovietnam delegation with Binh Son Refining and Petrochemical Joint Stock Company (BSR) on November 23, 2025, at the Dung Quat Oil Refinery.
The Petrovietnam delegation included Board Members Bui Minh Tien and Pham Tuan Anh, along with representatives from specialized departments. Welcoming the delegation from BSR were Chairman of the Board Bui Ngoc Duong, General Director Nguyen Viet Thang, and members of the Board of Directors, Executive Board, Supervisory Board, Refinery Management, DQRE Leadership, and heads of specialized departments and subsidiary units.
The agenda focused on evaluating the 11-month production and business results for 2025, devising strategies for 2026, and discussing development directions for 2026–2030, including investment and restructuring plans for BSR.
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Petrovietnam delegation visiting the Dung Quat Refinery Integrated Control Center
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During the session, BSR General Director Nguyen Viet Thang reported that in the first 11 months of 2025, BSR produced 7.24 million tons of products, achieved total revenue of 130.52 trillion VND, contributed 13.072 trillion VND to the state budget, and recorded pre-tax profits of 3.595 trillion VND. These results exceeded the management targets set by Petrovietnam.
General Director Nguyen Viet Thang attributed BSR’s success to comprehensive volatility management, with the Dung Quat Refinery operating at 120% of its design capacity. Increased production and sales volumes boosted revenue and profits. Despite falling oil prices, product prices remained stable or increased, widening the crack spread significantly.
Petrovietnam Chairman Le Manh Hung (front row, third from left) inspecting maintenance at the Dung Quat Ethanol Plant
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BSR continuously analyzed market trends, capitalized on high-price windows, optimized cash flow, and implemented financial strategies to boost revenue. The company diversified its product portfolio, introducing high-value plastics (F3030, T3045, P3034, TF4035) and new products like SAF, granular sulfur, and E10 RON95 gasoline, contributing 1.54 trillion VND in revenue. BSR also reduced energy consumption, losses, and catalyst costs, saving 751.7 billion VND in 2025, 23% above the target.
For 2026, BSR plans to increase refinery capacity to 123–125% of design capacity, boosting revenue by over 6 trillion VND to offset lower crude oil prices. International sales are expected to surpass 8 trillion VND, including both self-produced and traded products.
BSR General Director Nguyen Viet Thang presenting the 11-month 2025 business results
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BSR will enhance innovation, develop new products, and target 57 trillion VND in revenue. The company will expand external production through outsourcing and M&A, aiming for 500 billion VND initially and 3 trillion VND long-term.
 BSR Chairman Bui Ngoc Duong reporting at the meeting
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BSR Chairman Bui Ngoc Duong emphasized that the company has embraced Petrovietnam’s guidance, achieving and exceeding targets through six comprehensive strategies: production optimization, flexible sales policies, intermediate feedstock trading, market expansion, organizational streamlining, and risk management.
Petrovietnam Chairman Le Manh Hung commending BSR’s 11-month 2025 performance
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Petrovietnam Chairman Le Manh Hung praised BSR’s achievements in 2025, despite global challenges. He outlined five priorities: ensuring safety at Dung Quat Refinery, expanding international sales, optimizing resources, producing biofuels for E5/E10 gasoline, and advancing the refinery expansion project.
Chairman Le Manh Hung also commended BSR’s social initiatives, including disaster relief in central Vietnam and STEM classroom sponsorships.
Chairman Bui Ngoc Duong thanked Petrovietnam for its strategic guidance and pledged to implement these directives, enhance efficiency, and drive sustainable growth. BSR is committed to fulfilling its 2025 goals and beyond.
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– 10:45 24/11/2025
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